Financials Las Vegas Sands Corp.

Equities

LVS

US5178341070

Casinos & Gaming

Market Closed - Nyse Other stock markets 02:30:02 22/01/2026 am IST			5-day change	1st Jan Change
59.60 ^USD	+1.81%		-0.50%	-8.43%

16/01	Morgan Stanley Raises Price Target on Las Vegas Sands to $67 From $63, Keeps Equalweight Rating	MT
16/01	Wells Fargo Adjusts Price Target on Las Vegas Sands to $67 From $66, Maintains Equalweight Rating	MT

Projected Income Statement: Las Vegas Sands Corp.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	3,612	4,234	4,110	10,372	11,298	12,680	13,395	14,152
Change	-	17.22%	-2.93%	152.36%	8.93%	12.24%	5.63%	5.65%
EBITDA ¹	-172	786	732	4,085	4,379	5,111	5,401	5,720
Change	-	556.98%	-6.87%	458.06%	7.2%	16.73%	5.67%	5.9%
EBIT ¹	-1,688	-689	-792	2,313	2,402	3,014	3,470	3,809
Change	-	59.18%	-14.95%	392.05%	3.85%	25.48%	15.14%	9.75%
Interest Paid ¹	-536	-621	-702	-818	-727	-614.2	-558.8	-709.8
Earnings before Tax (EBT) ¹	-2,181	-1,474	-1,387	1,775	1,960	2,500	2,901	3,256
Change	-	32.42%	5.9%	227.97%	10.42%	27.55%	16.04%	12.22%
Net income ¹	-1,685	-961	1,832	1,221	1,446	1,786	2,194	2,472
Change	-	42.97%	290.63%	-33.35%	18.43%	23.52%	22.82%	12.7%
Announcement Date	27/01/21	26/01/22	25/01/23	24/01/24	29/01/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3
Net sales ¹	1,146	1,196	1,173	857	1,008	943	1,045	1,005	1,117	2,120	2,542	2,795	2,915	2,959	2,761	2,682	2,896	2,862	3,175	3,331	3,326	3,173	3,262	3,395	3,449	3,330	3,433	3,569
Change	-	4.36%	-1.92%	-26.94%	17.62%	-6.45%	10.82%	-3.83%	11.14%	89.79%	19.91%	9.95%	4.29%	1.51%	-6.69%	-2.86%	7.98%	-1.17%	10.94%	4.91%	-0.14%	-4.62%	2.82%	4.06%	1.59%	-3.43%	3.1%	3.95%
EBITDA ¹	141	244	244	47	251	110	209	191	222	792	973	1,122	1,198	1,207	1,073	991	1,108	1,140	1,334	1,344	1,312	1,299	1,313	1,359	1,376	1,359	1,435	1,479
Change	-	73.05%	0%	-80.74%	434.04%	-56.18%	90%	-8.61%	16.23%	256.76%	22.85%	15.31%	6.77%	0.75%	-11.1%	-7.64%	11.81%	2.89%	17.02%	0.75%	-2.37%	-1%	1.07%	3.47%	1.32%	-1.26%	5.58%	3.05%
EBIT ¹	-211	-96	-139	-316	-138	-302	-147	-177	-166	378	537	688	710	717	591	504	590	609	783	719	814.7	811.8	833.1	860.8	913.9	911.2	954.5	994.7
Change	-	54.5%	-44.79%	-127.34%	56.33%	-118.84%	51.32%	-20.41%	6.21%	327.71%	42.06%	28.12%	3.2%	0.99%	-17.57%	-14.72%	17.06%	3.22%	28.57%	-8.17%	13.31%	-0.35%	2.62%	3.32%	6.17%	-0.29%	4.75%	4.22%
Charge d'intérêts ¹	-150	-154	-158	-157	-152	-156	-162	-183	-201	-218	-210	-200	-190	-182	-186	-179	-180	-174	-194	-187	-186.5	-187	-183.3	-183	-183.2	-181	-176.6	-175.9
Earnings before Tax (EBT) ¹	-368	-266	-286	-621	-301	-476	-304	-320	-287	195	417	571	592	600	496	403	461	471	609	582	693.3	656.8	715.7	755.1	763.2	739.1	819.2	863.9
Change	-	27.72%	-7.52%	-117.13%	51.53%	-58.14%	36.13%	-5.26%	10.31%	167.94%	113.85%	36.93%	3.68%	1.35%	-17.33%	-18.75%	14.39%	2.17%	29.3%	-4.43%	19.12%	-5.27%	8.97%	5.51%	1.07%	-3.15%	10.84%	5.46%
Net income ¹	-299	-278	-192	-368	-123	2,530	-290	-239	-169	147	312	380	382	494	353	275	324	352	461	419	521.8	497	531.1	566.7	585.8	524.9	588.7	622.1
Change	-	7.02%	30.94%	-91.67%	66.58%	2,156.91%	-111.46%	17.59%	29.29%	186.98%	112.24%	21.79%	0.53%	29.32%	-28.54%	-22.1%	17.82%	8.64%	30.97%	-9.11%	24.54%	-4.76%	6.87%	6.7%	3.38%	-10.4%	12.15%	5.67%
Announcement Date	27/01/21	21/04/21	21/07/21	20/10/21	26/01/22	27/04/22	20/07/22	19/10/22	25/01/23	19/04/23	19/07/23	18/10/23	24/01/24	17/04/24	24/07/24	23/10/24	29/01/25	23/04/25	23/07/25	22/10/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Las Vegas Sands Corp.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	11,886	12,941	-	8,924	10,102	12,147	11,307	10,595
Change	-	8.88%	-	-	13.2%	20.24%	-6.92%	-6.3%
Announcement Date	27/01/21	26/01/22	25/01/23	24/01/24	29/01/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Las Vegas Sands Corp.

Fiscal Period: December	2020	2021	2023	2024	2025	2026	2027
CAPEX ¹	1,330	828	1,017	1,567	2,054	1,370	1,339
Change	-	-37.74%	-	54.08%	31.05%	-33.28%	-2.26%
Free Cash Flow (FCF) ¹	-2,642	-1,071	2,210	1,637	2,129	2,612	3,644
Change	-	59.46%	-	-25.93%	30.08%	22.68%	39.5%
Announcement Date	27/01/21	26/01/22	24/01/24	29/01/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Las Vegas Sands Corp.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	-4.76%	18.56%	17.81%	39.38%	38.76%	40.31%	40.32%	40.42%
EBIT Margin (%)	-46.73%	-16.27%	-19.27%	22.3%	21.26%	23.77%	25.91%	26.91%
EBT Margin (%)	-60.38%	-34.81%	-33.75%	17.11%	17.35%	19.72%	21.66%	23%
Net margin (%)	-46.65%	-22.7%	44.57%	11.77%	12.8%	14.09%	16.38%	17.47%
FCF margin (%)	-73.15%	-25.3%	-	21.31%	14.49%	16.79%	19.5%	25.75%
FCF / Net Income (%)	156.8%	111.45%	-	181%	113.21%	119.23%	119.09%	147.42%
Profitability
ROA	-7.66%	-4.7%	-	6.5%	7.88%	11.43%	12.92%	12.21%
ROE	-41.3%	-38.68%	-	30.53%	47.79%	76.93%	91.19%	91.13%
Financial Health
Leverage (Debt/EBITDA)	-69.1x	16.46x	-	2.18x	2.31x	2.38x	2.09x	1.85x
Debt / Free cash flow	-4.5x	-12.08x	-	4.04x	6.17x	5.7x	4.33x	2.91x
Capital Intensity
CAPEX / Current Assets (%)	36.82%	19.56%	-	9.81%	13.87%	16.19%	10.23%	9.46%
CAPEX / EBITDA (%)	-773.26%	105.34%	-	24.9%	35.78%	40.18%	25.37%	23.41%
CAPEX / FCF (%)	-50.34%	-77.31%	-	46.02%	95.72%	96.44%	52.45%	36.75%
Items per share
Cash flow per share ¹	-1.717	-0.34	-	4.218	4.347	4.948	5.941	6.282
Change	-	80.2%	-	-	3.06%	13.82%	20.07%	5.74%
Dividend per Share ¹	0.79	-	-	0.6	0.8	0.97	1.15	1.227
Change	-	-	-	-	33.33%	21.25%	18.56%	6.72%
Book Value Per Share ¹	3.891	2.61	-	5.466	4.028	2.929	4.538	7.682
Change	-	-32.93%	-	-	-26.3%	-27.29%	54.95%	69.28%
EPS ¹	-2.21	-1.26	2.4	1.62	1.96	2.564	3.213	3.816
Change	-	42.99%	290.48%	-32.5%	20.99%	30.84%	25.29%	18.78%
Nbr of stocks (in thousands)	7,63,809	7,63,974	7,64,141	7,53,329	7,25,009	6,76,113	6,76,113	6,76,113
Announcement Date	27/01/21	26/01/22	25/01/23	24/01/24	29/01/25	-	-	-